Clause 38

A society may issue ordinary shares.(2) A member of a society must hold the minimum number of ordinary shares of the society specified in the by‑laws of the society.(3) The member may withdraw or transfer the ordinary shares which the member is required to hold under subsection (2) only when the member ceases to be a member of the society.(4) Where a member of a society holds ordinary shares of the society in excess of the minimum number the member is required to hold under subsection (2), the member may withdraw or transfer the excess shares in accordance with this Act and the by‑laws of the society.Permanent shares66B.—

A society may issue permanent shares only to an institutional member.(2) An institutional member of a society must obtain the written approval of the Registrar to be entitled to subscribe, in accordance with the by‑laws of the society, for permanent shares issued by the society, if the institutional member is a credit society.(3) A permanent share issued by a society to an institutional member of the society —

cannot be withdrawn by that institutional member, and cannot be converted to an ordinary share; but(b)may, with the approval of the committee of management of the society and in accordance with this Act and the by‑laws of the society, be transferred by that institutional member to another institutional member of the society.(4) A society —

may, with the written approval of the Registrar, buy back a permanent share issued by the society under this section; but(b)cannot be required to buy back that share.(5) A society that buys back a permanent share issued by the society under this section may —

hold that share;

with the approval of the committee of management of the society and in accordance with this Act and the by‑laws of the society, transfer that share to an institutional member of the society; or

cancel that share.”.